Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0248%/8h= +27.2% APRpaid last 24h +0.045%

Price spread now: Lighter against Phemex+0.067%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$900.898% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 4 days (all we have)−0.307%−$31 · spread now +0.067%, 7d avg −0.048%

Together, before fees−0.167%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter is 0.116% dearer against Phemex than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.048%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	743.46	0	get 0.0000% / 4h	19m 12s	$2.0M	$8K	10x
Short	Lighter META	743.96	0.0248	get 0.0031% / 1h	19m 12s	$864K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee LighterbpOrdersPrice spread, now +0.067%Rate

Funding earned: $52.08
Price spread: +0.067% → −0.048%: $11.56
Slippage, 4 orders: −$77.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$26.12
Costs to cover: 0.898%
Break-even: 10.5 days

Slippage from Phemex: live order book, 4 min ago; Lighter: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 4 min ago	0.54 bp	41.1 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.61 bp	0.7 bp −$1	2.3 bp −$23	doesn't fit	doesn't fit

META on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin META-USDT	−0.0120%	8h	743.99	+0.071%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0025%	1h	743.36	−0.013%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.66	+0.027%	$469K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.90	+0.059%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.11	+0.087%	$27.6M	$181.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.93	+0.063%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.04	+0.078%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.58	+0.016%	$365K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.30	+0.113%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.78	−0.092%	$2.4M	$3.1M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	742.66	−0.108%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.42	−0.005%	$672	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	743.96	+0.067%	$106K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	743.46	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	744.01	+0.074%	$774K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	744.10	+0.086%	$2.2M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.49	−0.130%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.14	+0.091%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.35	+0.120%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.76	+0.040%	$585K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.38	−0.011%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.54	+0.011%	$765K	$4.5M	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0059%	1h	743.49	+0.004%	$31K	$246K	10x	as long as short
Paradex META-USD-PERP	+0.0065%	8h	743.74	+0.037%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	743.28	−0.024%	$52K	$83K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.61	+0.020%	$1.6M	$549K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.26	−0.161%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.96	+0.067%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.68	+0.030%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.88	−0.078%	$626K	$7.2M	10x	as long as short
edgeX METAUSDC	+0.0137%	4h	742.55	−0.123%	$62K	$336K	10x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.98	−0.065%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.66	−0.108%	$171K	$48K	30x	as long as short
Lighter METAshort	+0.0248%	1h	743.96	+0.067%	$864K	$2.4M	20x
tradeXYZ xyz:META	+0.0268%	1h	743.85	+0.052%	$69.5M	$120.5M	20x	as long as short
Phoenix META	+0.0591%	1h	743.61	+0.020%	$691K	$1.2M	20x	as long as short